Investigating the effect of ownership structure and financial leverage on the relationship between long-term expenditures (research and development expenditures, advertising and marketing) and performance in companies admitted to Tehran Stock Exchange

Due to the separation of ownership from the management of the companies and the conflict of potential benefits between them, managers do not necessarily pursue long-term investments in line with the interests of the owners. Because these costs will have long-term benefits and will not necessarily be effective in the management period. The purpose of this research is to investigate the effect of ownership structure and financial leverage on the relationship between long-term expenditures and performance in listed companies in Tehran Stock Exchange. . In this study, 62 companies listed on Tehran Stock Exchange between the years 2011-2015, which were selected by systematic deletion, by panel data to estimate the research model using Eviews-8, were used. The results of the test of research hypotheses indicate that the ownership structure in the form of institutional ownership, the concentration of ownership and ownership-management on the relationship between long-term expenditures and company performance, has a positive effect and financial leverage has a negative impact.